LaborX is a blockchain-based employment platform that assists clients in connecting with freelancers from a global pool of Web3 talent, directly and with no intermediaries. Meanwhile, it facilitates efficient transactions with cryptocurrency and it has a robust blockchain protection through digital contracts. The Fantom Foundation official page on X platform (formerly twitter) has announced the cooperation. Users can pay and earn crypto for freelance services and jobs.
“LaborX is a blockchain-based jobs platform that helps clients connect with freelancers from a global pool of Web3 talent.”
We spoke with @LaborXNews to learn how they leverage smart contracts for simpler employment and secure, decentralized payments 👇https://t.co/z5JniH2OLT
— Fantom Foundation (@FantomFDN) September 20, 2023
What are the main features of LaborX?
The platform prides itself on offering the following advantages to its users:
Low Fees
While popular freelancing platforms charge users as much as 20%, the blockchain-based decentralized approach means that charges are as minimal as 10% for Freelancers and 0% for Customers.
Allows Crypto Payments
LaborX supports a variety of popular tokens on the Ethereum, BNB Chain, Fantom, TRON, and Polygon networks, providing prompt, efficient settlement between Customers and Freelancers globally.
Smart Agreements
Smart contracts enable users to establish the conditions of how they’ll work together, including deadlines and any payment terms. This financial engagement is secured through digital “escrow” and that occurs by locking in all funds once the contract is signed, and releasing them automatically once the work has been completed and accepted.
Reputation
The ‘Reputation’ module safeguards users while providing a feedback system to help select the best Freelancers and Clients. The algorithm considers factors such as previous experience and education, reviews, completed contracts, and more. Variables are assessed according to their importance and overall relevance.
What makes LaborX different from all other job platforms?
As opposed to all traditional work platforms, LaborX allows both freelancers and full-time connections to be made. It also enables users to receive payment in the cryptocurrency of their preference.
In relation to other Web3-based job platforms, it leads the way in smart contract agreements, ensuring robust protection for both employers and talent alike.
At the meantime, the platform has over than 150,000 registered users, forming a diverse base of Web3 talent.
Throughout the commencement of 2024, they are working diligently on establishing robust partnerships with industry leaders in the space, to both broaden their customer base and integrate their tech where appropriate.
It Safeguards LaborX workers for funds and disputes
LaborX smart contracts are endorsed at the commencement of each and every arrangement that transpires through the platform. Once the approval of the task occurs, the funds designated for it are placed into escrow by the client, ensuring a secure and safe payment upon the successful completion of the job.
When disputes arise, the platform has a dedicated dispute resolution team that settles the matter, with the ability to distribute funds in any way that is deemed fair and equitable. They utilize LaborX’s integrated messaging system to assess whether each party has met their commitments. This not only facilitates full payments or refunds but also permits divided and partial payments, contingent on the circumstances.
LaborX TIME Token
TIME token serves as the indigenous currency of the LaborX (and Chrono.tech) ecosystem. When a task is fulfilled and payment is executed, LaborX transforms the platform fee into TIME. These TIME tokens are dispersed among LaborX Freelancers, Customers, and additional Chrono.tech stakeholders. This procedure is referred to as Job Mining. Through staking TIME tokens via the TimeWarp intelligent contract, access to the LaborX Premium program is granted.
LaborX Premium Account benefits include:
-Rebates on the platform fees charged to Freelancers (paid in TIME tokens)
-TIME cashback bonuses for Customers
-Referral bonuses for introducing new users to LaborX
-Highlighting and priority placement in the search results for Customers and Freelancers
-Premium Accounts operate on a tiered system based on the amount of TIME staked, meaning anyone can join, while the advantages increase for higher tier members.
Fantom FTM as a Payment Option
As per LaborX’s representative, he said “As a fast and scalable next-gen Layer-1 platform, Fantom stood out to LaborX as an industry leader remaining steadfast through bearish conditions. Considering its durability and dedication to the cause, it only seemed logical to incorporate FTM as a payment method within the platform to cater to the masses with a token that is certain to sustain high demand.
The Future
The upcoming future of LaborX focuses on 2 major points: automation and AI integration. Infusing AI support into their platform, enabling clients to streamline their job creation process through AI prompting. They’re currently in the process of fortifying algorithms to have AI precisely match clients with potential talent based on skill set, previous experience, and past reputation.
Pairing this with an upcoming ‘Recruitment’ module, where they have a representative personally aid in talent acquisition, signifying that their clients will receive the best of both realms with streamlined AI automation and a personalized touch.
Users will also soon have the chance to establish a subscription for enduring arrangements, allowing invoices to be settled automatically, if they prefer not to do it manually.
